Lease Extensions

Do you own a flat with a lease that was granted in the 1960s, ‘70s or ‘80s?
 
Then you may have difficulty in selling or re-mortgaging it, because leases under 80 years can be particularly difficult to sell and mortgage lenders are reluctant to lend on flats with short leases, as they do not provide enough security.
 
With market values beginning to improve, now is the ideal time for you to exercise your right to extend your lease, especially if you are thinking of selling or re-mortgaging in the near future. 
 
With the current suppressed values the sooner a lease extension is sought, the cheaper the cost will be.
 
Don’t fall the wrong side of the 80 year line.
 
For example, a £150,000 flat with 81 years left on the lease, is likely to have a premium of £3,000 to £4,000, but to extend the lease for a property with around 65 years remaining could cost you more than £15,000.
 
Your costs should always be less than the increase in value.
 
For more information about your legal rights to a lease extension call one of our local specialists:
 
In Margate call  Peter Rodd on  01843 234000
In Ramsgate call  Dawn Sahathevan on  01843 595990
In Birchington call  Allen Cox on  01843 842356
In Broadstairs call  Tony Michael on  01843 868861
The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.